Coin News

The rest of my daughter's preschool tuition is due on June 1st. I just got a message from the school informing me that they are pleased to announce that they will now be accepting bitcoins for tuition payments.

It's a really interesting time to be getting this email given that the value of a bitcoin has gone up 30% in the past week and has doubled in less than two months.

If I chose to take them up on their offer I would be paying them about nine and a half bitcoins at the current price. If I had paid my bill in bitcoins a month ago it would have cost over 17 bitcoins. Two months ago I would have owed them nearly 24 coins. 

This seems a bit too speculative for both us and the school. 

Are they betting that bitcoins are going to continue to go up? What if they don't? This week alone bitcoin saw a massive reversal that — had it continued — could've caused the school a lot of trouble. 



Or are they simply providing a service for extremely tech and finance savvy parents by converting the coins to cash immediately?

Either way, to me it seems too speculative for just a regular bill paying task. I know there is no difference between me paying with bitcoins I already own, because I can just purchase more at the same price.

But if I don't replace my bitcoins and the value doubles or triples before the first day of school, I will feel like I paid two or three times as much I should have. This feeling of regret avoidance is a behavioral bias that I should be able to see past — but I simply can't.

And it seems my husband feels the same. He emailed me immediately saying "I think we should pay in USD." 

So, for now, our few precious bitcoins will stay in our account and maybe we can pay next year's tuition with one coin instead of ten. 

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Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.

A hedge fund led by an investing legend expects "all hell to break loose."

Billionaire Paul Singer's Elliott Management, which raised $5 billion in less than 24 hours earlier this month, says it has been building up its cash reserve to deploy during future market turmoil. The fund added that the US might be in for a recession if the Trump administration doesn't make changes in taxes, regulation, and healthcare. Elliott also shared five lessons that have shaped how it invests.

Meanwhile, iconic hedge fund manager Seth Klarman said investors are missing huge risks. 

The US economy grew by 1.2% in the first quarter, better than initially reported, according to the Commerce Department's second estimate of gross domestic product.

China says its currency policy is actually doing the US a favor. President Trump's budget contains some glaringly simple math errors. And there’s one particular Trump policy that would make US inequality even worse, according to Emmanuel Saez, a leading expert on inequality.

No area of the stock market has been hotter than tech since the election, and it seems investors still haven't gotten their fill.

Bitcoin could go to $1 million (or fall to $0), according to Business Insider's Henry Blodget.

Under Armour is still paying for a mistake that will take years to fix. Nintendo Switch helped GameStop earn its first sales increase in five quarters. And Costco same-store sales crushed estimates.

Nevada is close to passing a landmark bill to tackle high drug prices. And here’s what Trump’s head of the FDA wants to do about high drug prices.

President Trump reportedly slammed German carmakers and threatened to stop their sales in the US. Trump's ignorance of the auto industry is terrifying, according to Business Insider's Matt DeBord. 

Morgan Stanley offered a reality check on Tesla vs. Ford. And one of BMW's most famous cars from the 1990s has returned.

Here are the 12 most expensive dream homes in the Caribbean right now. Lastly, people in the Hamptons are so obsessed with rosé, a winery created a 'rosé drive-thru.'

SEE ALSO: The 27 most important finance books ever written

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Henry Blodget discusses this week's bitcoin rally, and how the virtual currency could just as easily go to $1 million as it could fall to $0. Blodget has been covering bitcoin for several years, and has maintained the view that ultimately, it has no intrinsic value.

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If you're still using Windows 7 or Windows 8, there's another security issue you need to be aware of aside from Wannacry. This one won't hold your computer ransom for bitcoin, though. Actually, it might be more annoying than it is dangerous. Research...

If you're still using Windows 7 or Windows 8, there's another security issue you need to be aware of aside from Wannacry. This one won't hold your computer ransom for bitcoin, though. Actually, it might be more annoying than it is dangerous. Research...

 Bitcoin is making a big comeback, it trades up 9.8% at $2,563 a coin. 

Friday's gain follows a wild day on Thursday, which saw the cryptocurrency ultimately put in its 27th gain in the past 30 sessions. Bitcoin climbed above $2,500, $2,600, and $2,700 before putting in a record high of $2,799. But then the bottom dropped out, and bitcoin plunged to a low of $2,200 before recouping some of those losses and finishing the day with a small gain. 

The cryptocurrency climbed had climbed much as 26% following Wednesday's announcement that the Digital Currency Group, representing 56 companies in 21 countries, reached a scaling agreement at the Consensus 2017 conference in New York.

It has been on fire the last two months, gaining nearly 140% since the beginning of April, when Japan announced bitcoin had become a legal payment method in the country. Trade has also been boosted by news that Russia's largest online retailer, Ulmart, had begun accepting bitcoin despite Russia saying it wouldn't consider the use of the cryptocurrency until 2018.

But the market is still waiting on a ruling by the US Securities and Exchange Commission on whether it will overturn its decision on the Winklevoss twins' bitcoin-exchange-traded fund. The SEC was accepting public comment on that decision until May 15, but it hasn't yet announced whether it will overturn its rejection of the ETF.

Bitcoin is up 169% so far this year. 

SEE ALSO: Bitcoin just soared to a new $1,600 high — but the first investor in Snapchat thinks it could hit $500,000 by 2030

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Here is what you need to know.

Trump reportedly slammed German carmakers and threatened to stop their US sales. During a meeting with European officials, President Donald Trump said he would stop German automakers from selling "millions of cars" in the US and called Germans "very bad," Der Spiegel reports.

The polls are tightening in the UK election. A YouGov poll published Thursday showed Prime Minister Theresa May's Conservative Party holding a 43%-to-38% lead over Jeremy Corbyn's Labour Party ahead of the June 8 election. The British pound is weaker by 0.5% at 1.2872 versus the dollar.

Consumer prices in Japan are picking up. Prices rose by 0.4% year-over-year in March, making for the fastest growth since March 2015.

Bitcoin is making a comeback. The cryptocurrency trades up by 4.5% at $2,577 a coin after falling to as low as $2,220 on Thursday.

Costco same-store sales crush estimates. Sales at stores open at least one year rose by 5% excluding the impact of gasoline prices and foreign exchange, easily beating the 3.7% gain that was expected.

GameStop's sales increased for the first time in 5 quarters. The world's largest video game retailer said sales rose by 21.5% in the first quarter, boosted by strong demand for the Nintendo Switch. But the GameStop shares fell by as much as 6% after the company left its guidance unchanged.

Stock markets around the world are lower. Japan's Nikkei (-0.6%) lagged in Asia, and France's CAC (-0.8%) paces the losses in Europe. The S&P 500 is set to open little changed near 2,414.

Earnings reporting is light. Big Lots reports ahead of the opening bell.

US economic data is heavy. GDP Second Estimate, core PCE, and durable-goods orders will all be released at 8:30 a.m. ET before University of Michigan consumer confidence crosses the wires at 10 a.m. ET. The US 10-year yield is down by 2 basis points at 2.24%.

US markets are closed Monday in observance of Memorial Day. Additionally, the US Treasury market will close at 2 p.m. ET on Friday.

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Here is what you need to know.

Trump reportedly slammed German carmakers and threatened to stop their US sales. During a meeting with European officials, President Donald Trump said he would stop German automakers from selling "millions of cars" in the US and called Germans "very bad," Der Spiegel reports.

The polls are tightening in the UK election. A YouGov poll published on Thursday shows Theresa May's Conservative Party holds a 43% to 38% lead over Jeremy Corbyn's Labour Party ahead of the June 8 election. The British pound is weaker by 0.5% at 1.2872 versus the dollar.

Consumer prices in Japan are picking up. Prices rose 0.4% year-over-year in March, making for the fastest growth since March 2015.

Bitcoin is making a comeback. The cryptocurrency trades up 4.5% at $2,577 a coin after falling as low as $2,220 on Thursday.

Costco same-store sales crush estimates. Sales at stores open at least one year rose 5% excluding the impact of gasoline prices and foreign exchange, easily beating the 3.7% gain that was expected.

GameStop's sales increased for the first time in 5 quarters. The world's largest video game retailer said sales rose 21.5% in the first quarter, boosted by strong demand for the Nintendo Switch. However, shares fell as much as 6% as the company left its guidance unchanged.

Stock markets around the world are lower. Japan's Nikkei (-0.6%) lagged in Asia and France's CAC (-0.8%) paces the losses in Europe. The S&P 500 is set to open little changed near 2,414.

Earnings reporting is light. Big Lots reports ahead of the opening bell.

US economic data is heavy. GDP - Second Estimate, core PCE, and durable goods orders will all be released at 8:30 a.m. ET before University of Michigan consumer confidence crosses the wires at 10 a.m. ET. The US 10-year yield is down 2 basis points at 2.24%.

US markets are closed on Monday in observance of Memorial Day. Additionally, the US Treasury market will close at 2 p.m. ET on Friday.

Join the conversation about this story »

Welcome to Friday morning. In the last 24 hours, we gazed at SpaceX's latest rocket tests, hear about major financial companies involving themselves in bitcoin. Meanwhile, Microsoft's Twitch competitor has (sort of) relaunched with a new name and the...

The price of bitcoin has rebounded after a notable fall yesterday that saw the digital currency lose over $400.

Source

 For those operating a bitcoin exchange — where people can buy cryptocoins — you’d imagine that the current surge in value for bitcoin and others like Ethereum’s ether coin is a dream come true. The answer is yes and no. Coinbase, the world’s most funded bitcoin exchange, was dragged offline by the massive increase in interest in the space. Users have… Read More